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Can I take over the payments?

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  • 11-09-2009 3:53pm
    #1
    brenner17
    Banned (with Prison Access) Posts: 24 ✭


    My Dad got a car in 2007 on finance from his bank. He lost his job in December and hasnt paid it since. He doesnt use the car anymore because the piston is gone. He got a call recently and they told him they would be repossessing it. He rang today and they said they cant take it till he pays another €106 so half of the car is paid which I think is stupid. Anyway I have never had anything on finance and I am with the same bank and I am working would I be able to take over the payments on his car so I could keep it? Thanks everyone
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    #2
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    If half of the finance has been paid on the car, he could hand it back, with no reprocussions on his credit rating, under the half rule. There's a thread all about it only a few pages back on here.

    Otherwise, I think you can take over the payments, but im not sure if you have to be approved by the finance company.


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    #3
    brenner17
    Banned (with Prison Access) Posts: 24 ✭brenner17


    Drummerboy08 wrote: »
    If half of the finance has been paid on the car, he could hand it back, with no reprocussions on his credit rating, under the half rule. There's a thread all about it only a few pages back on here.

    Otherwise, I think you can take over the payments, but im not sure if you have to be approved by the finance company.


    Well they said another €106 and it would be half paid and they'd take it back but I wanted to take the car from him and use it.


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    #4
    Kartale
    Closed Accounts Posts: 167 ✭✭Kartale


    Why would you want to buy a car that has a piston gone?
    You would be better off getting finance on a car in perfect working order & possibly a warranty


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    #5
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    brenner17 wrote: »
    Well they said another €106 and it would be half paid and they'd take it back but I wanted to take the car from him and use it.


    In that case, I'd just pay the €106 and let them have it.

    A new piston could end up costing a lot of money, so I'd just look at buying a car thats running perfectly, with a warranty.


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    #6
    brenner17
    Banned (with Prison Access) Posts: 24 ✭brenner17


    Yeah I suppose your both right Thanks


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    #7
    biggus
    Closed Accounts Posts: 510 ✭✭✭biggus


    What car is it and how much is owed on it ?


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    #8
    brenner17
    Banned (with Prison Access) Posts: 24 ✭brenner17


    biggus wrote: »
    What car is it and how much is owed on it ?


    its an 02 Peugeot 307 and theres like 5K owed on it


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    #9
    dudara
    Registered Users Posts: 33,519 ✭✭✭✭dudara


    If he is going to pay the E100 odd and hand the car back under the half-rule, make sure that he does NOT sign a Voluntary Surrender Form.

    Read the earlier thread in this forum for more details.


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    #10
    brenner17
    Banned (with Prison Access) Posts: 24 ✭brenner17


    dudara wrote: »
    If he is going to pay the E100 odd and hand the car back under the half-rule, make sure that he does NOT sign a Voluntary Surrender Form.

    Read the earlier thread in this forum for more details.

    Thanks Dudara


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    #11
    ilovelamp2000
    Registered Users Posts: 2,435 ✭✭✭ilovelamp2000


    brenner17 wrote: »
    My Dad got a car in 2007 on finance from his bank. He lost his job in December and hasnt paid it since. He doesnt use the car anymore because the piston is gone. He got a call recently and they told him they would be repossessing it. He rang today and they said they cant take it till he pays another €106 so half of the car is paid which I think is stupid. Anyway I have never had anything on finance and I am with the same bank and I am working would I be able to take over the payments on his car so I could keep it? Thanks everyone

    The company can't repossess the car without a court order if you've paid a third of the HP price.

    As for the half rule, what's already mentioned is correct - you'd be voluntarily terminating the agreement. But the car must be in working order for you to do this. The finance company can seek the cost of getting the car road worthy from your Dad if you go down this road.

    Right now the finance company are in an awkward position. Use it to your advantage. Try to negotiate out of being liable for the cost of the repair, pay the 106 and hand back the car.

    Oh btw - they'll bill you for the repo agent as well if someone picks the car up from you.


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    #12
    brenner17
    Banned (with Prison Access) Posts: 24 ✭brenner17


    Rosco1982 wrote: »
    The company can't repossess the car without a court order if you've paid a third of the HP price.

    As for the half rule, what's already mentioned is correct - you'd be voluntarily terminating the agreement. But the car must be in working order for you to do this. The finance company can seek the cost of getting the car road worthy from your Dad if you go down this road.

    Right now the finance company are in an awkward position. Use it to your advantage. Try to negotiate out of being liable for the cost of the repair, pay the 106 and hand back the car.

    Oh btw - they'll bill you for the repo agent as well if someone picks the car up from you.

    Thanks Rosco thats gonna help a lot i'll discuss this with him Thanks again


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    #13
    lifer_sean
    Registered Users Posts: 890 ✭✭✭lifer_sean


    brenner17 wrote: »
    its an 02 Peugeot 307 and theres like 5K owed on it

    Why would you take over a debt of 5000 on a 02 P307 ? Unless it's something special you could buy one for a lot less, with a warranty etc, for around 3500 (petrol one), maybe less if you buy privately.


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